OPEC reduces production as price declines

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Category: World

As the world community cut back on the consumption of oil, the price of crude continues to decline, and OPEC responds by announcing plans to cut back on production. Iran and Venezuela have advocated for more steeper cuts in production, but many OPEC members had concerns that further production cuts could worsen the global economic crisis and destroy demand. The White House criticized the plan as anti-market production decisions. OPEC revealed high concerns for the severe erosion in revenue in recent months.

OPEC Slashes Production; Crude Continues to Tumble – ABC News – Associated Press

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